A theoretical framework that embraces the competing objectives of cooperative radar-communication operations is proposed that engages the apparent trade-space in an optimal fashion. Specifically, minimization of a cooperative risk metric that extends the Neyman-Pearson criterion to include communication data rate is explored. Hence, establishing performance bounds for cooperative interaction. Ideal informed reception where simultaneous access to received data from both the radar and communication (comm.) system is shown to yield a structured covariance-based water-filling solution. Unlinked cooperation where codebooks, waveforms, and schedules are known by all, but received data is not relayed between radar and comm. conveys a complex tradespace dependent on the rate of information transmitted by the comm. system relative to the capacity of the radar-comm. data link.